JLL Capital Markets announced that it has arranged the $18.625 million refinancing of 39 High Street, an 83-unit multi-housing community located in the Journal Square neighborhood of Jersey City, New Jersey.
JLL represented the borrower, a partnership between Spitzer Enterprises and Titanium Realty Group, to secure the fixed-rate loan through a correspondent life insurance company.
Located at 39 High Street, the property is situated in a prime, transit-oriented location and is approximately an eight-minute walk from the Journal Square PATH Station, which provides direct access to New York City’s Penn Station, The World Trade Center and Newark’s Penn Station. The neighborhood is set to experience sustained growth fueled by the Port Authority’s Journal Square Transportation Center (JSTC) redevelopment initiative, as well as the Jersey City Municipal Council’s Journal Square 2060 Redevelopment Plan, attracting retail, office, hotel, residential and entertainment venues.
The JLL Capital Markets Debt Advisory team was led by Matthew Pizzolato, Max Custer and John Cumming.
“There continues to be tremendous interest from the lending community for high quality and well-located multi-housing properties like 39 High Street,” said Pizzolato.
“Jersey City continues to experience robust renter demand for newly constructed multi-housing properties, and 39 High Street’s luxury unit finishes and building amenities allowed for a very quick absorption period,” added Custer.
